Finance

Kotak Bank Q2 net profit at Rs 942 crore

Kotak Bank Q2 net profit at Rs 942 crore

New Delhi,: Private player Kotak Mahindra Bank today reported consolidated net profit of Rs 942 crore for the second quarter ended September 30, 2015-16.

The Group has posted a profit after tax of Rs 718 crore in the July-September quarter of the 2014-15 fiscal.

“The results for the quarter and half year ended September 30, 2015 include operations of erstwhile ING Vysya. Hence, the results…Are not comparable with that of the corresponding period of the previous year,” Kotak Bank said in a filing to the BSE.

The Reserve Bank had approved merger of ING Vysya Bank with Kotak Mahindra Bank effective April 1, 2015.

Consolidated total income stood at Rs 6,729 crore for the second quarter of the current fiscal, as against Rs 4,920 crore in the year-ago period.

On a standalone basis, Kotak Bank posted net profit of Rs 569 crore for the quarter ended September 30, 2015. It had a profit of Rs 444 crore for the second quarter of last fiscal.

Total Income stood at Rs 4,621 crore for the quarter ended September 30. It was at Rs 2,819 crore in the same quarter last fiscal.

On a standalone basis, gross non-performing assets as a percentage of gross advances rose to 2.35 per cent in the September quarter. This is up from 1.89 per cent in the corresponding period a year ago.

Kotak Bank stock was trading at Rs 691.50, up 4.20 per cent, over previous close on BSE.
[“source -Zeenews”]

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